GVC HOLDINGS said it has made “significant progress” in its long-running battle with 888 Holdings to buy fellow gambling firm bwin.party.
Bwin is the subject of rival bids from GVC and 888 Holdings as the two companies seek to grow and improve their economies of scale in the face of increased regulation.
Aim-listed GVC had previously threatened to walk away from its offer, which values Bwin at 124p per share. 888’s bid values the company at 104p per share, but offers Bwin shareholders the advantage of its listing on the main stock market.
“The GVC board expects to be in a position to resubmit its proposal to the bwin.party board in the near future and on the same terms as set out in the 7 August announcement, having resolved the remaining open issues to both parties’ satisfaction,” GVC said in a statement yesterday.
Gaming firm 888 has not yet adjusted its own bid in reference to GVC’s, but is reported to expect a chance to respond if Bwin switches its preference to GVC.
GVC shares fell 1.3 per cent to 417p yesterday, down 5.5p from Friday’s close.
Shares in 888 dropped 0.8 per cent to 156.75p.